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Is the ‘European Model’ viable in a globalized world?

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Abstract

The issue of whether the ‘European model’ is viable in a globalized world raises the question as to what defines and conditions any European model and its competitiveness in the context of globalization and the new economy. For the sake of sustainability of its model but also to sustain support for globalization the European Union (EU) needs to take economic advantage of globalization and the knowledge-based economy. Challenges in a high-cost, high-productivity economy mean that there is a premium on dynamic efficiency gains from the liberalization and reform of markets and an economic and institutional framework that fosters innovation and flexible adjustment. The paper examines how the EU deals with governance issues and political economy factors from this perspective. The EU model, if able to legitimize itself with respect to the European integration process may as well contribute to a legitimate political governance of globalization.

Suggested Citation

  • Francisco Torres & Annette Bongardt, 2007. "Is the ‘European Model’ viable in a globalized world?," NIPE Working Papers 20/2007, NIPE - Universidade do Minho.
    • Handle: RePEc:nip:nipewp:20/2007
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    References listed on IDEAS

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    More about this item

    Keywords

    Globalization; Liberalization; European regulatory model and economic integration; Preferential trade; Global and European Governance; European Union; Single Market; Lisbon Agenda.;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F50 - International Economics - - International Relations, National Security, and International Political Economy - - - General

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